RISING oil prices are prompting forecasts of a return to US$100 a barrel for the first time since 2014, creating both winners and losers in the world economy. Exporters of the fuel would enjoy bumper returns, giving a fillip to companies and government coffers. By contrast, consuming nations would bear the cost at the pump, potentially fanning inflation and hurting demand.
The good news is that Bloomberg Economics found that oil at US$100 would mean less for global growth in 2018 than it did after the 2011 spike. That is partly because economies are less reliant on energy and because of the shale revolution cushioning the US.
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